Finda receives grant from Singapore’s central bank for facial recognition KYC service
Fintech company Finda System has announced it has received a grant from Singapore’s central bank to implement its proprietary facial recognition KYC service in Singapore under a Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) Scheme, Digital News Asia reports.
The Monetary Authority of Singapore (MAS) operates the POC Scheme to support the creation of technology infrastructure for new products and services in the financial industry, including fintech startups.
Finda’s digital KYC authentication infrastructure features liveness detection and can be integrated with mobile phones to enable secure and efficient online transactions. Customers can also use facial recognition authentication to report a lost or stolen bank card, rather than providing information over the phone as part of a lengthy traditional reporting process, the company says.
“We see Singapore with its rising adoption of cardless transactions and various alternative payment modes such as QR code as an ideal test-bed that may support regional development of such fintech solutions,” said Finda Chief Engineer Chen Yingjie. “The Greater Bay Area initiative, a key Belt and Road Project linking Guangdong, Hong Kong and Macau, has accepted the technology and standard and is in the stage of fine-tuning the applications. As for longer-term plans, Finda would like to first focus on helping to establish the authentication infrastructure in the region.”
Another Singapore-based startup, Touché recently reached an agreement to provide fingerprint authentication technology for in-person payments with OCBC Bank’s merchant customers.